FX.co ★ Crude Oil Falls Further as Tankers Navigate Hormuz

WTI crude oil futures have continued their downward trajectory, reaching the $72 per barrel mark. This shift follows indications that Iran may not retaliate against oil shipments in the Persian Gulf in response to recent U.S. actions. Reports suggest that Iran launched missiles at American bases in Qatar after the U.S. targeted Iranian nuclear sites over the weekend. Nonetheless, oil tankers have remained active in the Strait of Hormuz, and market apprehensions about potential disruptions to the oil supply have eased, leading to a notable decline in prices. The region is responsible for the transit of over 20 million barrels of oil daily, accounting for roughly 20% of the world's supply. Earlier in the trading period, WTI prices spiked to $74.3, the highest level witnessed since January. However, this surge was reversed as the market recalibrated its assessment of the immediate risk, while awaiting further developments from Iran.